Updated Craftsman
For Sale
$425,000
2728 S CARROLLTON Avenue, New Orleans, LA 70118
Multi-Family, Craftsman, New Orleans, LA
Property Size2,230 SF
Lot Size0.08 Acres
Price / SF$190.58
Days on Market34
Property Features for 2728 S CARROLLTON Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Porch
Exterior features
Fence, Porch, Porch Screened In
Fencing
Fenced
Lot features
Regular
Subdivision
Uptown
Standard status
Active
APN
716324805
Size
2,230 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Description
SQ 389 LOT 8 S CARROLLTON 30 X 120 2728-30 S CARROLLTON
Legal Description
SQ 389 LOT 8 S CARROLLTON 30 X 120 2728-30 S CARROLLTON
Utilities
Heating system
Natural Gas, Central
Cooling system
Central Air
Water source
Public
Amenities
screened-in front porch
private courtyard
in-unit laundry
Building Details
Year built
1920
Floors in Building
1
Number of units
2
Roof type
Metal
Architectural style
Craftsman
Listing Agency:
REVE, REALTORS
(504) 300-0700
Listed By:
Ryan Wentworth · License #000071657
(504) 302-0300
Added: Aug 6
Changed: Aug 24
Last Checked: Sep 8 at 2:06PM
MLS# 2571243
Copyright © 2026 New Orleans Metropolitan Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1920 Craftsman duplex contains 2,230 square feet across two residential units. The 2728 side includes two bedrooms, two full baths, a kitchen, formal living and dining rooms, and a full-sized laundry room with additional storage. The 2730 unit provides two bedrooms, one full bath, and in-unit laundry. Both residences open to a shared screened front porch and have separate rear courtyards.
Kitchen and bathroom renovations were completed in 2015, followed by new supply plumbing in both units, interior paint, new water heaters, and HVAC installation in the 2728 unit. The metal roof was serviced and resealed in 2024. The property sits on 0.0826 acres at 2728 S Carrollton Avenue in New Orleans, with public water, central heating, natural gas, and central air. It is in an X flood zone and offers access to nearby streetcar service, universities, restaurants, and daily conveniences along the Carrollton corridor.
Kitchen and bathroom renovations were completed in 2015, followed by new supply plumbing in both units, interior paint, new water heaters, and HVAC installation in the 2728 unit. The metal roof was serviced and resealed in 2024. The property sits on 0.0826 acres at 2728 S Carrollton Avenue in New Orleans, with public water, central heating, natural gas, and central air. It is in an X flood zone and offers access to nearby streetcar service, universities, restaurants, and daily conveniences along the Carrollton corridor.
Key Highlights
- 2,230‑square‑foot duplex built in 1920
- Two‑bedroom, two‑bath 2728 unit with formal living and dining rooms
- Two‑bedroom, one‑bath 2730 unit with in‑unit laundry
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$28,237
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.64%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$564,740
$564.7K
Cap Rate 7%
$403,386
$403.4K
Cap Rate 9%
$313,744
$313.7K
Market Conditions
NOI Build-Up for 2,230 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$44.2K $19.80/SF
− Vacancy
−$3.8K −$1.71/SF
EGI
$40.3K $18.09/SF
− OpEx
−$12.1K −$5.43/SF
NOI
$28.2K $12.66/SF
Area
New Orleans, LA
Vacancy
8.64%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$564,740
Cap Rate 7%
$403,386
Cap Rate 9%
$313,744
Alternative Uses
Best Use
Multifamily LT 5
$403.4K
$353.0K – $470.6K
NOI $28,237 @ 7.0% cap · market cap 6.64%
Second Best
Apartment 5plus
$370.8K
$324.4K – $432.6K
NOI $25,955 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$566.8K
$495.9K – $661.3K
NOI $39,675 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
830
Businesses Nearby
Explore this area
Business Placement
Demographics for 70118, LA
35,635
Population
15,464
Households
2.3
Avg Household Size
31
Median Age
54%
College-Educated
92%
High-School Grad
4.6 sq mi
ZIP Area
7,747
Density / Sq Mi
$62,665
Median Household Income
$28,199
Median Earnings
$1,257
Median Rent
$451,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include private courtyards and a shared screened porch.
Where is this duplex located?
The property is located at 2728 S CARROLLTON Avenue New Orleans, LA.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 2,230‑square‑foot duplex built in 1920; Two‑bedroom, two‑bath 2728 unit with formal living and dining rooms; Two‑bedroom, one‑bath 2730 unit with in‑unit laundry
